Evotech to Acquire South San Francisco-Based Renovis for $151.8 Million

South San Francisco -- Evotech, a German biopharmaceutical firm, said on Wednesday that it will acquire South San Francisco-based Renovis in an all-stock deal worth about $151.8 million. Renovis develops drugs for the treatment of neurological and inflammatory diseases. Evotech said that the deal will give it three clinical candidates, a strong late stage preclinical pipeline and pro-forma cash of approximately $175 million. Once the deal is completed, Michael Kelly, currently Renovis' senior vice president of research and development, will become the president of Evotec's U.S. operations. Corey Goodman, the current president and CEO of Renovis, and John Walker, its chairman, will be appointed to Evotec's supervisory board.
http://biz.yahoo.com/bw/070919/20070918006810.html?.v=1
http://www.renovis.com/